As the first continuous audit and reporting protocol system for enterprise and token statistics disclosure on the blockchain, Auditchain will be providing its users with the highest levels of trustless assurance.

The network aims to provide complete transparency for investors and stakeholders, and the AUDT Fees for enterprises can be reduced to zero through enterprise participation in the ecosystem.

What is the utility of the token?

The AUDT token has several functions.

It unlocks the features of the network of enterprise and trustless assurance services, and lets users access and pay for the services of the Auditchain Network.

In the whitepaper, the company states: “AUDT Fees are Auditchain Network based units of value and are pegged to the local currency of each respective jurisdiction. Transactions on the Auditchain Network are paid for using AUDT Fees which are deducted from the staked account.”

Who is behind it?

The team is headed up by Meyers, who has a notable background in investment banking and venture capital – including founding one of the first FinTech investment banks.

He is also the founder of Vestcomp Ventures, and focuses on the incubation and acceleration of Blockchain and Distributed Ledger Technologies.

He is joined by General Counsel Regulatory and Government Affairs, Paul Ostling, Director of Assurance and XBRL Architecture, Eric Cohen, Chief Scientist, Stuart Haber Ph.D., Chief Financial Officer, Strategic Development, Accounting and Assurance, Rimas Vaitauskas, and a team of other directors and developers.

Why did you decide to launch Auditchain?

Meyers says: “Auditchain was inspired by a financially devastating regulatory conflict experienced by our founder. Auditchain was founded to help reduce data conditionality as well as regulatory conflicts by providing a Decentralized Continuous Audit & Reporting Protocol Ecosystem. In short, we want to increase transparency, accuracy, compliance, efficiency in the audit and accounting industries.”

Why is it on the blockchain?

“We strongly believe that the best use case for a blockchain is accounting, audit, and financial reporting. To date, most systems in place are antiquated and or fragmented and result in substantial loss of integrity of records which leads to a susceptibility to fraud and material misstatements. Auditchain helps solve this using a blockchain.”

What is the most exciting aspect of Auditchain?

“One of the most exciting aspects of Auditchain is its actual use case. In contrast to all other projects, most of which do not need a blockchain, Auditchain has a clear value proposition with widespread implications. This is a global project that can disrupt accounting, audit and financial reporting methodologies.”

Why is now a good time to launch?

“The advancement of accounting, audit automation, machine learning, and artificial intelligence technology combined with the immutability and decentralized aspect of blockchain make it the perfect time to begin moving traditional and decentralized enterprises toward the adoption of decentralized continuous audit and reporting using a blockchain.”

Why should people invest in Auditchain?

“We can’t provide investment advice. But, if anyone believes in consensus based integrity of records and that assurance should be decentralized, truly independent, and not influenced by the amount of money paid to an assurance provider by a single enterprise, then you should rally around the community that is making that happen. We welcome everyone to join our Telegram and connect directly with us on a daily basis,” he adds.

Our verdict

We rate Auditchain as a Solid ICO due to the strong team and useful protocol system for a large addressable market.